The upshot of all this is that the next move in rates is still likely to be up, but not until the data give the go ahead.

And you can understand they're likely to say, 'Well, Governor, we're not going to go way out on a limb for you in this special election without some guarantee that you're going to be around for the next four years,'

That's reinforcing the fact that something has changed. Owners are now refinancing with rates not being the main driver.

Greenspan is not going to wake up in June of next year and say 'I should have really raised rates more aggressively.' His legacy of price stability is pretty secure so I don't think the last six months of his tenure will destroy it for him.

We'll have a bang-up festival next year. Not that this one won't be great.

If one comes up next to you, you move. It's not something that concerns me. I'd be out there (surfing) now if there was anything going on.